Air France-KLM to buy almost one fifth of SAS
Air France-KLM is set to buy a stake of almost 20 percent of Scandinavian Airlines after the airline launched a search for investors to help it exit bankruptcy protection.
The group, along with the Danish state, will invest $1.175 billion in the airline, with Air France-KLM investing $144.5 million to buy the 19.9 percent holding.
SAS filed for Chapter 11 bankruptcy protection in the United States, an option available because of its operations there, in July 2022 as it reeled from Covid travel bans and a costly pilots strike.
It also embarked on a cost-cutting plan and a hunt for new investors, saying in September that some had shown "substantial" interest in coming aboard.
"This cooperation will allow Air France-KLM to enhance its position in the Nordics and improve connectivity for Scandinavian and European travellers," Air France-KLM chief Ben Smith said in a statement.
"Air France-KLM is determined to play an active role in the consolidation of European aviation," he added.
In July, Smith also reiterated his interest in buy a stake in Portugal's flag carrier TAP, which is being privatised after a rescue by the government.
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The group, along with the Danish state, will invest $1.175 billion in the airline, with Air France-KLM investing $144.5 million to buy the 19.9 percent holding.
SAS filed for Chapter 11 bankruptcy protection in the United States, an option available because of its operations there, in July 2022 as it reeled from Covid travel bans and a costly pilots strike.
It also embarked on a cost-cutting plan and a hunt for new investors, saying in September that some had shown "substantial" interest in coming aboard.
"This cooperation will allow Air France-KLM to enhance its position in the Nordics and improve connectivity for Scandinavian and European travellers," Air France-KLM chief Ben Smith said in a statement.
"Air France-KLM is determined to play an active role in the consolidation of European aviation," he added.
In July, Smith also reiterated his interest in buy a stake in Portugal's flag carrier TAP, which is being privatised after a rescue by the government.
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